How To Make Money Writing Books – If you’re a writer, you may daydream about seeing your name on a book cover and can’t understand why anyone would want to be a ghostwriter. But today our guest, Matthew Thrush, was able to quit his 9-to-5 job to become a ghostwriter. Reason: He was able to make a substantial income as a ghostwriter after four months! He is now known for writing books for others and making 6 marks.
When Matthew started ghostwriting, he went into it with the idea that he wasn’t great at book marketing, but that he was good at writing about being a writer. He published a few books, but they weren’t earning enough to be able to quit his job and write full-time. Matthew was looking for other options to be able to earn six-figures, and once he did the math, he realized he would be able to supplement and then turn his income into ghostwriting.
How To Make Money Writing Books
Matthew’s process for taking on ghostwriting clients varies depending on the client. Some give him plot points, or an outline, or a general idea of the work, or the writer was entirely up to Matthew to create the world for the story. He learned how to write to talk to clients about their projects. It was also a good learning experience for him because it gave him a deadline, which writers don’t need for their own work.
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He says it’s very important to know what your daily and monthly word output is before signing up to take on clients. But after calculating the income he hoped to earn, he turned ghostwriting into a full-time job. To calculate his word output, Matthew practiced with his own writing a year ago. He knew he could write 150,000 words per month without burning out, meaning that when it came time for him to take on ghostwriting clients, he was able to take on four or five books per month.
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But then he remembered that his ultimate goal was to write a novel, earn six figures, and have more freedom in his life. And he realized that this ghostwriting allowed him to do and do.
He is able to practice his art of writing despite being a ghost writer. Another advantage is being able to experiment with different genres.
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Ghostwriting for some is basically free training. If you want to experiment with a different genre or sub-genre, have someone pay you to do it. It also bears all the risks.
Of course, sometimes he finds people looking for cheap labor and demands a refund for what he overdelivered. A good way to avoid this is to read all the reviews and try not to act with a lack of take on anything that comes your way. Learn to say no to things you don’t like or don’t see above and beyond. But Matthew still advises ghostwriters to be generous with their time, talents, skills and resources. This, he said, has helped him attract excellent clients.
Matthew Thrush is the co-founder of Six-Figure Ghostwriters and the #1 bestselling author of over 50 books. He was able to quit his job in less than four months, earning six figures through ghostwriting. Now he focuses his energy and passion on helping others.
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This is especially true when looking at the money side of the equation. While most people think of names like Stephen King or J.K. Rowling, those are unicorn stories.
They are incredibly rare and the hard truth is that over 70% of books never break. Create more money for less author. Learning how to make money writing a book means understanding all the ways a book can open doors, and being creative enough to take advantage of as many as possible.
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Making money from books is very difficult. This is whether you go with traditional publishers or self-publish the Amazon route. It’s the same whether a fiction writer or a non-fiction writer.
The good news is that it may be possible to actually make money writing books. That said, you have to be prepared for a lot of hard work, creative marketing, and realizing the best monetary benefits may not come directly from actual book sales.
One of the first things to understand with direct book sales is that there are more full-time fiction writers than non-fiction book writers. In both professions you have to search hard to find people who can make a living.
While household name authors can make serious money from direct sales of both fiction (Stephen King, JK Rowling, George RR Martin) and nonfiction (Ryan Holiday, Malcolm Gladwell, Cheryl Strayed), it would be hard to do. Pull for more people.
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20 years ago the average advance for a book from a major publisher was $10,000 and for smaller publishers (which includes a lot of non-fiction) it was half that. While those numbers still hold somewhat, the average advance is now in the $4,000-$10,000 range. More and more writers are finding themselves at the bottom of that range.
Even among the authors listed there, many make more money from opportunities created by books as opposed to actual books.
Most advances from publishing companies are never made so forget about royalty checks. There is at least a 7 in 10 chance that your book will be paid in full.
Considering the amount of hours and work required to create a book, that’s a pretty pitiful payout.
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The truth is that unless you’re one of the rare books that bucks the trend, you probably won’t see royalty checks. Even if you do, most writers who reach that mark get a relatively small check. The appeal is obvious – but not all best-sellers end up selling a million copies. Not even close.
Add to that the fact that if you comb through many of the best seller lists they are stacked with famous authors, already famous marketers, or famous people who have hired a ghost writer to write something in their name, and you can see how steep the mountain is. is going to climb.
One place where you can flip the royalty myth on its head (at least somewhat) is going the self-publishing route. If you go self-publishing on Amazon, you get a much larger percentage of royalties than through traditional methods.
Kindle Direct Publishing (KDP) is Amazon’s open program that allows authors to create and publish their books as e-books on Amazon Kindle for free. They can set their own price or even offer a free book.
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While the percentages can vary by country and other factors, generally Amazon books priced from 99 cents to $2.98 have a 35% royalty and any books $2.99 or more have a 70% royalty. Even at a 35% rate, this is a much higher percentage than you’re going to get from a traditional publisher.
The disadvantages of trying to go the traditional publishing route of print books are obvious. There is high competition, low pay, and limited control over marketing. There is a certain amount of testing that goes along with publishing through traditional methods. Working with a professional editor can also be a major plus, getting a real advance.
For many fiction writers, this can be a great sign of self-confidence. The ability to publish through traditional channels can be a huge confidence boost that allows them to fully commit to improving and focusing on a writing career. This is not a big reason when focusing on how profitable books can be, but it is a common reason among fiction writers.
Finally, your book is likely to have a big publisher behind it. Although it’s highly unlikely unless you’re already established that if you can get the book’s initial printing done, a large publishing company can put more resources behind it to reach more people, move more books, and get you networking opportunities. You can’t get on your own!
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Going the self-publishing route has its advantages, too. We’re going to focus on KDP Select Publishing through Amazon because that’s the most accessible form of self-publishing that offers potential.
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